India is many times ahead of America in digital payments: Foreign Minister Jaishankar
India is continuously reaching new heights in terms of digital payments. Highlighting India’s growth in digital payments, the External Affairs Minister said that in a month, UPI in the country has generated Rs. Transactions worth Rs 120 crore are taking place. Comparing India with America, he said, we are ahead of them. Only Rs 40 crore digital transactions take place in a year.
120 crore transactions are happening through UPI in India
Additionally, Foreign Minister S. Jaishankar said, today we make cashless payments through UPI. We have transactions worth Rs 120 crore in a month, whereas America can do digital transactions of only Rs 40 crore in a year. You should see how we have progressed in some areas and the world appreciates it.
Started on 11 April 2016
According to an official government press note, UPI is a system that connects multiple bank accounts to a single mobile application. It was launched on 11 April 2016 by Raghuram Rajan, the then Governor of the Reserve Bank of India.
Now offer to deposit cash through UPI
Last week, the Reserve Bank of India had proposed allowing users to deposit cash in cash deposit machines through a unified payment interface. Announcing the first monetary policy for the current financial year, RBI Governor Shaktikanta Das said, the idea is to deposit cash mainly through debit cards through cash deposit machines. Keeping in mind the experience of cardless cash withdrawal using UPI at ATMs, it is now proposed to provide the facility of cash deposits in CDMs using UPI. Along with this, India’s UPI services have also been launched in Sri Lanka, Mauritius and Nepal.
